Incheon City Provides Up to 500 Million KRW Loans to Youth and Adults Leading the Future Fisheries Industry

Incheon City will provide loans of up to 500 million KRW to young and middle-aged individuals who will lead the future fisheries industry.

The city's Fisheries Technology Support Center is recruiting candidates for the "Fisheries Business Operator Development Project," which supports young and middle-aged individuals eager to work in the fisheries industry by providing funds necessary to establish a business foundation, until the 29th of this month.

A total of 19 fisheries business operators will be selected and supported, including 15 successors of fishermen and 4 outstanding business operators. The loan funds can be used for establishing an independent fishing business base such as building or purchasing fishing vessels, purchasing aquaculture site land, and buying facilities and equipment.

The loan amount for successors of fishermen is up to 500 million KRW (annual interest rate of 1.5% or variable rate) depending on personal credit, and outstanding business operators can receive an additional loan of up to 200 million KRW (annual interest rate of 1%).

Eligibility for application requires successors of fishermen to be between 18 and under 50 years old, have completed or been exempted from military service (including women), and have no experience or less than 10 years of experience in fisheries. Outstanding business operators must be 60 years old or younger and have been continuously managing their business in the relevant field for more than 5 years after being selected as successors of fishermen, or be recognized as fisheries new knowledge workers.

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